From CryptoPotato · By Dimitar Dzhondzhorov
The cryptocurrency community had high hopes that October would benefit the sector, but the month ultimately disappointed and ended on a sour note with the $6.3 billion Binance hack.
The exchange, though, seems to have coped with the major incident, restoring withdrawals and reimbursing a large chunk of the stolen funds using its own corporate reserves. According to popular analyst Ali Martinez, Binance’s return to normal has coincided with buy signals emerging for four cryptocurrencies, suggesting a broader market rebound may be underway.
The Assets in Question
Martinez said the first such token is Cardano’s ADA. He noted that its price surpassed $0.28 at the start of October, then crashed 36% to around $0.18 after the Binance attack. The analyst recently said ADA’s TD Sequential flashed a buy signal on the daily chart, hinting that a possible recovery could be incoming.
“If buying pressure picks up and ADA clears $0.20, I’m watching for a move toward $0.23,” he stated.
His second pick is Algorand (ALGO). According to Martinez, the asset’s TD Sequential posted a daily buy signal after the valuation dipped below $0.09, meaning that the correction could be nearing its end. He believes a decisive breakout above $0.10 could open the door to a further rise to $0.113.
Next on his list is Aave (AAVE). The Binance crisis briefly pushed the token’s price to a monthly low of under $120, but it has rebounded 16% since the TD Sequential flashed a buy signal on October 30.
“If buying pressure continues, the rally could extend toward $155, where the TD setup resistance trendline may become the next hurdle,” Martinez said.
Last but not least, the analyst paid attention to Raydium (RAY). He noted that a TD Sequential sell alert on October 10 preceded a 30% correction, while a buy signal that emerged on October 18 was a precursor to a 16% rebound. The indicator recently flashed another bullish cue, and if the setup validates, Martinez expects a move toward the resistance trendline near $1.90, a potential 19% increase from current levels.
Buying These Cryptos?
This isn’t Martinez’s only comment since the Binance hack. Just a few days ago, he made an interesting parallel between the incident with the largest crypto exchange and the FTX meltdown in 2022, which coincided with a “major market bottom.”
“That’s why I’m not panic selling. I’m using this pullback to build a diversified portfolio of five altcoins for the bull run,” he said.
The analyst highlighted five altcoins that have supposedly offered strong buying opportunities after the hack. The first is Injective (INJ), which has broken out of a cup-and-handle pattern and could skyrocket toward $18 if buyers hold the $6 level.